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JSPL slips on profit booking

Jindal-steel-and-powerJindal Steel & Power (JSPL) has cracked over 10 per cent in trades on account of profit taking at higher levels.

The stock had surged over 15 per cent (Rs 39) in the last 11 trading sessions.

The stock so far in the day has touched a low of Rs 267 and a high of Rs 290. The script had touched a 52-week high of 474 on December 20, 2012 and a 52-week low of Rs 182 on August 02, 2013.

The stock is now down 6 per cent at Rs 267, and the counter has seen trades of around 3,51,000 shares on the BSE.

Technically Speaking: JSPL is trading on a strong note, as the stock broke above the 200-DMA in last four trading sessions. The stock is also trading fairly above the 20-DMA and 50-DMA.

The MACD and the Average Directional Index (ADX) are both in favour of the bulls.

However, the RSI (Relative Strength Index) and Stochastic Slow are in over-bought zones. Hence, the stock is witnessing profit-taking.

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Courtesy: marketonmobile

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